FOR IMMEDIATE RELEASEWednesday, April 27, 2011CONTACT OFFICE OF PUBLIC AFFAIRS202-482-4883

Trip intended to build support for KORUS agreement

U.S. Commerce Secretary Gary Locke and
members of Congress met today with the President of the Republic of Korea Lee
Myung-Bak at the Blue House. Locke, who is leading a bipartisan congressional
delegation to build support for the passage of the U.S.-Korea Trade Agreement
(KORUS), reinforced the importance of the bilateral
commercial relationship as part of the two countries’ historic alliance and
emphasized the importance of KORUS in spurring economic growth in
both the U.S. and Korea.

“Korea is a vital ally, a strong friend, and an important economic
partner,” Commerce Secretary Gary Locke said. “KORUS is a win-win for both the
U.S. and Korea. This agreement will strengthen our partnership and take it to
the next level, by lowering tariffs and creating a more level playing field for
businesses in both countries.”

The congressional delegation consists of four
members from the U.S. House of Representatives – Reps. Charles Rangel (D-NY),
Jim McDermott (D-WA), Joseph Crowley (D-NY) and David Reichert (R-WA).

Locke and the delegation discussed the benefits
of KORUS for both the U.S. and Korea in productive bilateral meetings with Minister of Foreign Affairs and Trade
Kim Sung-Hwan and Trade Minister Kim Jong-Hoon. Earlier in the day, they
met with the Board of Governors of the American Chamber of Commerce in Korea,
as well as top Korean business executives. Locke and the delegation also
met with a diverse group of Korean university students over afternoon tea where
they had an in-depth discussion about the youth perspective on KORUS and how
various elements of the agreement will benefit the economic future of both
countries. They talked about Korea’s impressive economic growth and its
emerging economic leadership in the region and the world.

“The United States, Korea, and the entire world are counting on
bright, motivated people like all of you to help meet the challenges our
nations face,” Locke said. “Many of these challenges can be solved with the
leadership and management skills that you will bring to the table. With your
talent, creativity and ingenuity, you have the power to make a real
difference.”

Tomorrow, Locke will give a keynote address
at a luncheon hosted by the American Chamber of Commerce in Korea to discuss
KORUS. He will also meet with his Korean counterpart, the Minister of Knowledge
Economy Choi Joong-Kyung. The Secretary and the congressional delegation
will tour a facility owned by Pantech, one of the largest mobile
phone makers in Korea, and meet with
members of Korea’s National Assembly.

KORUS is the United States’ most commercially significant trade
agreement in more than 16 years. Korea is the United States’ 7th
largest trading partner, and U.S. goods exports to Korea through February 2011
jumped 10.9 percent compared to the same period in 2010. According
to U.S. International Trade Commission estimates, the reduction of Korean
tariffs and tariff-rate quotas under KORUS on goods alone would add $10 billion
to $11 billion to annual U.S. GDP. By expanding access to Korea, the 12th
largest economy in the world, the agreement will support tens of thousands of
American jobs, open Korea’s $580 billion services market to American companies,
eliminate Korean tariffs on 95 percent of U.S. exports of industrial and
consumer goods within five years and immediately eliminate Korean tariffs on
over two-thirds of U.S. agricultural exports.

See Secretary Locke’s blog post and Op-Ed
on the KORUS Co-Del and pictures
from the visit.